FinTech Hub, Kolkata

FinTech Hub
Business district
CountryIndia
StateWest Bengal
DistrictNorth 24 Parganas
RegionKolkata Metropolitan Area
CityNew Town
DivisionNew Town CBD
Established13 October 2010 (2010-10-13)[1]
Established asInternational Financial Hub
Relaunched2017[2]
Relaunched asFinTech Hub Kolkata
Area
[1]
 • Total30 ha (70 acres)
Language
 • OfficialBengali, English
Time zoneIST
Administrative bodyWest Bengal Housing Infrastructure Development Corporation
Rapid transitKolkata Metro Orange Line
Based onFinancial technology
Websitebengalfintechhub.in

FinTech Hub (formerly known as International Financial Hub) is a financial, commercial centre and business district located in the CBD of New Town city, which lies outskirts of Kolkata under its metropolitan area in the state of West Bengal, India.[3] The hub has the presence of a large number of banking, financial companies and legal institutions. Many major companies have their headquarters, offices and training centres operational or under construction.

History and timeline

International Financial Hub

In 2010, inspired by the Bandra Kurla Complex in Mumbai and to turn Kolkata into an international financial centre, the then chief minister of West Bengal Buddhadeb Bhattacharjee and finance minister Asim Dasgupta proposed an International Financial Hub on 100 Acres of land in New Town. The union finance minister of that time, Pranab Mukherjee laid the foundation stone of the project on 13 October 2010. The project had a deadline to be completed in five years. State Bank of India, UCO Bank, erstwhile United Bank of India and UTI Mutual Fund stated to invest and agreed to build their offices in the hub.[1]

In 2011, the new chief minister of West Bengal Mamata Banerjee restarted the project and laid the foundation stone again on 10 March 2012. While the previous Government accorded the project to a private company, this time the project was given to HIDCO.[1] Up to 2014, 35.76 Acres were in use and out of 23 plots, 11 plots were booked. Banks and financial institutions like the NIC, State Bank of India, UCO Bank, erstwhile United Bank of India, Union Bank, Bank of Baroda, Allahabad Bank, Corporation Bank, Sriram Credit and West Bengal Financial Corporation and the HIDCO had their offices.[4] In 2014, National Green Tribunal, a legal firm set up their centre.[5]

2017 relaunch as FinTech hub

In 2017, the project was relaunched as a FinTech hub. The purpose was to develop financial technology industry in West Bengal. In 2020, 23 financial institutions had their offices setup in the hub.[2] First 10 Acres were identified[6] which was afterwards expanded. On 10 September 2021, HIDCO released an online portal for owing plots easily.[7][8] Up to September 2021, 48 acres were allotted in 70 Acres.[1] As of 2022, 28 financial and legal institutions have their offices in fintech hub.[3]

Overview

As of 2022, there are 28 financial banking or legal companies in fintech hub.[3]

Banking companies

Bandhan Bank and erstwhile United Bank of India have their headquarters at the hub.[9] State Bank of India has their largest training centre at the hub.[10] Other banking institutions like UCO Bank,[11] Punjab National Bank also have staff and executive training centres in FinTech hub.[4]

Financial organisations

National Insurance Company, a leading insurance provider in India has their headquarters in the region.[12] Government institutions like West Bengal Financial Corporation and West Bengal Infrastructure Development Finance Corporation have planned their offices at the hub.[1][3] Other companies include Sriram Credit, Credit Company, New India Assurance.[1][3][4]

Vertical City

Vertical City is a planned high-rise, mixed use skyscraper. As of March 2023, the building is projected to have 25 stories, a mixture of commercial, startup, and residential spaces, and cost ₹163 crore.[13]

Facilities

Fintech hub has FAR relaxation up to 6.0 which allows larger floor area construction.

List of company buildings or institutional centres

This is a list of companies which have taken plot in FinTech hub and set up offices/ units/ training centres or financial centres.

Company Type Building type Status (As of June 2023) Ref(s)
National Insurance Company Financial Headquarters Operational [12]
State Bank of India Banking Strategic and executive training unit Operational [10]
Bandhan Bank Banking Headquarters Under construction [14]
Office Under construction
UCO Bank Banking Office Operational [14]
Strategic and executive training unit Operational [15]
Union Bank Banking Office Under construction [14]
Bank of India Banking Office Under construction [14]
National Green Tribunal Legal Office Operational [5]
Karnataka Bank Banking Office Operational [14]
HDFC Bank Banking Headquarters of Eastern India division Under construction [14]
Currency chest Under construction
Directorate of Revenue Intelligence Government of India agency Office Operational [14]
Institute of Chartered Accountants of India Financial Campus Under construction [14]
Punjab National Bank Banking Staff training centre Under construction [14]
Oil and Natural Gas Corporation Energy: Oil and gas East India headquarters Under construction [14]
Canara Bank Banking Office Under construction [14]
West Bengal Finance Corporation Government of West Bengal agency Headquarters Under construction [14]
HIDCO Government of West Bengal agency Office Under construction [14]
West Bengal Infrastructure Development Finance Corporation Government of West Bengal agency Headquarters Under construction [14]
Axis Bank Banking Office Under construction [14]
Allahabad Bank Banking Office TBD [14]
Income Tax Appellate Tribunal Government of India agency Office TBD [14]
Bank of Baroda Banking Office TBD [14]
Corporation Bank Banking Office TBD [14]
Bank of Baroda Banking Office TBD [14]
Sriram Credit company Financial Office TBD [14]
Vijaya Bank Banking Office TBD [14]
Andhra Bank Banking Office TBD [14]
Syndicate Bank Banking Office TBD [14]
Indian Bank Banking Office TBD [14]
New India Assurance Financial Office TBD [14]
FoxMandal Legal Office TBD [14]

Transport

Fintech Hub is located on the lines of Biswa Bangla Sarani. Kolkata Metro's Orange Line serves as the rapid transit of the area.[citation needed]

See also

References

  1. ^ a b c d e f g "Politics Grounds Proposed Financial Hub in Bengal". NewsClick. September 27, 2021.
  2. ^ a b "Suman consultant for inward investment stretegy in New Town". The Times of India. December 5, 2020.
  3. ^ a b c d e "FINTECH HUB IN NEW TOWN, KOLKATA" (PDF). Retrieved 2023-08-20.
  4. ^ a b c Sengupta, Tamal; Ghosal, Sutanuka (September 1, 2014). "New Town Rajarhat resurrects as financial hub as government takes initiative". The Economic Times.
  5. ^ a b https://www.millenniumpost.in/kolkata/fintech-hub-now-boasts-of-25-units-345754
  6. ^ Bureau, BW Online. "HIDCO Earmarks Plot In New Town For FinTech Companies". BW Businessworld.
  7. ^ Ray, Atmadip (September 10, 2021). "Owning a land at Kolkata Fintech Hub becomes easier with online facility". The Economic Times.
  8. ^ MP, Team (September 10, 2021). "New Town: Hakim to inaugurate Fintech hub today". www.millenniumpost.in.
  9. ^ Ray, Atmadip (September 10, 2021). "SBI and Bandhan Bank planning to move their back office verticals to fintech hub of Kolkata". The Economic Times.
  10. ^ a b "SBI Launches Management Institute In Kolkata. Details Here". NDTV.com.
  11. ^ "Construction of Executive Training Centre for Uco ..., New Delhi, Delhi (NCT) Tender". TendersOnTime.
  12. ^ a b https://nationalinsurance.nic.co.in/en/contacts-us
  13. ^ Bandyopadhyay, Krishnendu; Chakraborti, Suman (March 7, 2023). "West Bengal revives WTC plan to ease trade in east, NE". The Times of India. Archived from the original on 25 December 2023. Retrieved 25 December 2023.
  14. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa "FinTech Hub::HIDCO". bengalfintechhub.in.
  15. ^ "Construction of Executive Training Centre for Uco ..., New Delhi, Delhi (NCT) Tender".
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